Malcom has been strongly linked with a move to Arsenal having caught the eye at Bordeaux, where he has scored 18 goals in 80 appearances.
However any deal is subject to Gunners forward Theo Walcott completing a move to Everton.
Arsenal are also interested in Manchester United midfielder Henrikh Mkhitaryan and Borussia Dortmund striker Pierre-Emerick Aubameyang and it is unlikely they will move for all three players.
